![]() ![]() ![]() ![]() Apple now trades 7% above both its 50-day moving average of $148.34 and its 200-day moving average of $147.88, a sign of momentum that analysts who focus solely on price charts love to see. It's easy to argue "as goes Apple, so goes the market." Apple's market value tops the S&P 500 at $2.51 trillion, more than 21% above No. Shortly before lunchtime Thursday Apple touched $161.55 a share, its highest level in six months, since mid-September. These were obviously affected by the bank headlines, but if we use markets as forward-looking mechanisms, the increase in spreads portrays bumps ahead." There was virtually no fear in the investment grade or high-yield space … until recently. Young continued, "For a long time in this cycle, credit spreads had barely moved. "Even if the banking woes have been contained and the deposit flight is over, I don't think they'll prove to be the only set of headlines that pose risks to the economy," wrote Liz Young, head of investment strategy at SoFi. "What might be more likely in coming months is some sort of credit problem as companies' debt matures and they need to refinance their operations at much higher rates than before." While Powell said that "rate cuts are not in our base case" for the remainder of 2023, traders priced in expectations of the central bank lowering rates this year. The Fed's decision and subsequent comments by Chair Jerome Powell at the conclusion of the policymakers' two-day meeting on Wednesday weighed on stocks. It also hinted that its inflation-fighting tightening campaign could be nearing the end, with the removal of the phrase "ongoing increases" from its statement. The Fed hiked rates by 25 basis points Wednesday, as expected. To be sure, the fund regained some losses after Treasury Secretary Janet Yellen said the administration is ready to take " additional actions if warranted" to stabilize the U.S. Meanwhile, regional stocks fell broadly, with the SPDR S&P Regional Banking ETF (KRE) losing 2.78%. The turn lower in rates this month is causing investors to rotate back into tech shares. Tech was the hardest hit part of the market as the Federal Reserve raised rates nine straight times in about a year. Microsoft, Nvidia and Apple all advanced. Technology stocks outperformed as investors reduced their Fed hike bets and Treasury yields declined, with the SPDR Technology Select Sector (XLK) gaining 1.63%. The broader market index and the Nasdaq gained as much as 1.8% and 2.5%, respectively, before easing from those levels. The Dow Jones Industrial Average rose 73.66 points, or 0.23%, after climbing up as much as 481.38 points. The S&P 500 closed 0.29% higher, while the tech-heavy Nasdaq Composite climbed 1%. Stocks ended higher on Thursday in what was a turbulent trading session as traders bet that the Federal Reserve may be nearing the end of its rate hiking cycle. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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